Trade and Industry Deputy Minister, Bulelani Magwanishe, has showcased
South Africa¡¦s Black Industrialists Programme at the 22nd Annual Wall Street
Project Economic Summit in New York.
¡§Our Black Industrialists
Programme is deliberate in the advocacy of black participation in the
mainstream economy. Through this, the Black Industrialists incentive
supports companies pursuing productive sectors of the economy.
¡§As we contest for liberty and economic empowerment, the South African
Government has channelled its mandate towards developing black pioneers
engaged in industrial sectors,¡¨ said Deputy Minister Magwanishe.
The Black Industrialists Programme is one of government¡¦s instruments to
encourage inclusive growth across all spectrums.
Deputy Minister Magwanishe said through the programme, government was
actively engaging in partnerships that empowered black entities.
¡§I therefore urge minority groups, women and youth, to leverage on the
opportunities available,¡¨ he said.
During the course of the four-day summit, the Deputy Minister highlighted
trade and investment opportunities in South Africa, including instruments to
¡§Invest SA, a one-stop shop service, is geared towards providing investors
with services to fast-track projects, further assisting them with
information, facilitation and aftercare. Thus, through the One Stop Shop,
government aims to reduce red tape in areas concerning business
registration, taxation, licences, visa and permit applications and other
Globally, the United States (US) accounts for 7% of South Africa¡¦s total
exports to the world and was ranked second as an export destination for
South African export products in 2018.
South Africa will welcome a US international trade mission in August.
¡§The South African Government is ready to provide assistance in making the
mission a success, as it [did] 25 years ago, when President Mandela and
Senator Ted Kennedy coordinated the same mission,¡¨ he said.
The mission will foster strong relations and partnerships between
entrepreneurs in both countries.
The US remains one of the key sources of foreign direct investment for South
Africa, with bilateral investments at approximately R2,2 trillion in 2016.
Meanwhile, the Deputy Minister of Labour, iNkosi Phatekile Holomisa, who
also attended the summit, said government was working hard to finalise
reforms in key sectors across the South African economy.
¡§As part of this plan, we are taking immediate steps to finalise reforms in
key sectors like mining, oil and gas, tourism and telecommunications ¡V all
of which are sectors that have great potential for growth and employment
creation,¡¨ said Deputy Minister Holomisa.
The summit was held under the theme: ¡§400 Years Later: Closing the Wealth
Gap, Expanding Opportunity¡¨.
¡V Source: SAnews.gov.za